First Time Jobless Claims Expected to be 105,000...

[B. Kidd]

........but the actual number that just came out is 424,000!!!

(week ending May 21st)

 

[expat_panama]

Initial claims are up 5% of last month and continuing claims are off a fraction of a %.

 

[B. Kidd]

The May employment report will ultimately be a troublesome one.

 

[Baruch Menachem]

That is very weird, as usually hiring picks up in the summer.

 

[Annie]

Even Reuter's can't spin this one, yet:

Business & Financial News, Breaking US & International News | Reuters.com

WRAPUP 1-US corporate profits fall, jobless claims up
9:05am EDT

* First-quarter growth unrevised at 1.8 pct

* After-tax corporate profits fall, first drop in 2 years

* Initial jobless claims rise to 424,000 last week

WASHINGTON, May 26 (Reuters) - U.S. corporate profits contracted in the first quarter for the first time in more than two years and the economy grew at the same pedestrian pace as previously estimated, government data showed on Thursday.

Signs of the economy's struggle to regain speed were highlighted by an unexpected rise in the number of Americans applying for unemployment benefits last week.

"There is no doubt the economy has slowed. We will call the first half of 2011 as a soft patch," said Robert Dye, a senior economist at PNC Financial Services in Pittsburgh. "We should see growth accelerate in the second half in the 3.0 percent to 3.5 percent area."

After-tax corporate profits fell at a rate of 0.9 percent, the Commerce Department said, after rising at a 3.3 percent pace in the fourth quarter.

In its second estimate of the economy, the department said gross domestic product growth was unrevised at annual rate of 1.8 percent, below economists' expectations for a 2.1 percent pace...

 

[boedicca]

This is not a surprise.

The economy is barely growing so there is no reason to invest (Capital Investment is also way down). Businesses are being crushed and threatened with the costs of current and future regulations. They are cutting back to reduce their costs structures...which means the loss of jobs.

This continues to be the Worst Recovery Ever. Thank you Obama!

 

[Toro]

........but the actual number that just came out is 424,000!!!

(week ending May 21st)

You heard that wrong. It was expected to be 405,000.

Econoday Report: Jobless Claims May 26, 2011

I have no idea when the last 105,000 print occurred.

 

[editec]

Growth is up 1.8%

How much is inflation up?

 

[Wiseacre]

Growth is up 1.8%

How much is inflation up?

Depends on how you figure it. Based on what I'm seeing, it's a hell of a lot more than 1.8%.

 

[zzzz]

Really this should be no surprise to anyone. With the high cost of gas and food people cannot buy anything else so inventories have risen and manufactures are starting to cut back. If the consumer does not buy then the supplier has no choice but to cut employment. As long as fuel and food continue to stay high the economy will stagnate.

 

[pinqy]

{First Time Jobless Claims Expected to be 105,000...
}........but the actual number that just came out is 424,000!!!

(week ending May 21st)

Since initial jobless claims haven't been below even 200,000 since 1969, and hasn't been below 350,000 since early 2008 (Source) you misread something somewhere.

 

[LordBrownTrout]

Not good and getting worse.

 

[B. Kidd]

Okay.
Let me clear this up.
The 105,000 # was reported by Stuart Varney on FBN this a.m.. I did not hear that wrong, but he was wrong with that reported projection. Initial jobless claims are up though, 30,000 more than most other financial projections for the week ending May 21st.
Still does not bode well for the employment report due at the end of the month.
I cannot apologize for his inaccuracy but do for mine for not checking Stuart Varney first.
Please resume your normal activities.
Also Editec is correct. Revised GDP growth is only up 1.8% in the first quarter. And, keep in mind that the Fortune 500 companies are currently making more then 50% of their profits overseas in countries whose economies are doing better then ours. That partially explains why employment growth for Americans continues to stagnate.

 

[uscitizen]

That is very weird, as usually hiring picks up in the summer.

It is in China.

 

[uscitizen]

Okay.
Let me clear this up.
The 105,000 # was reported by Stuart Varney on FBN this a.m.. I did not hear that wrong, but he was wrong with that reported projection. Initial jobless claims are up though, 30,000 more than most other financial projections for the week ending May 21st.
Still does not bode well for the employment report due at the end of the month.
I cannot apologize for his inaccuracy but do for mine for not checking Stuart Varney first.
Please resume your normal activities.
Also Editec is correct. Revised GDP growth is only up 1.8% in the first quarter. And, keep in mind that the Fortune 500 companies are currently making more then 50% of their profits overseas in countries whose economies are doing better then ours. That partially explains why employment growth for Americans continues to stagnate.

I still recall most of the "experts" saying this would just be an adjustment and ove rin about 6 months.
That was how many years ago?

Strange that my projections have been spot on so far and the economists and wall street types have kept blowing smoke.

 

[B. Kidd]

Okay.
Let me clear this up.
The 105,000 # was reported by Stuart Varney on FBN this a.m.. I did not hear that wrong, but he was wrong with that reported projection. Initial jobless claims are up though, 30,000 more than most other financial projections for the week ending May 21st.
Still does not bode well for the employment report due at the end of the month.
I cannot apologize for his inaccuracy but do for mine for not checking Stuart Varney first.
Please resume your normal activities.
Also Editec is correct. Revised GDP growth is only up 1.8% in the first quarter. And, keep in mind that the Fortune 500 companies are currently making more then 50% of their profits overseas in countries whose economies are doing better then ours. That partially explains why employment growth for Americans continues to stagnate.

I still recall most of the "experts" saying this would just be an adjustment and ove rin about 6 months.
That was how many years ago?

Strange that my projections have been spot on so far and the economists and wall street types have kept blowing smoke.

What can I say except that globalization came........and is still here to stay. Hope you did well being well ahead of that curve!